My first attempt to install 12.3.1 has failed, with a report of a kernel panic. Though I'm not sure whether it is the same issue as the iBoot panic mentioned before...? But I'm not keen to attempt again until i have identified this:
panic(cpu 0 caller 0xfffffe00167b384c): watchdog timeout: no checkins from watchdogd in 94 seconds (96 total checkins since monitoring last enabled)
Debugger message: panic
Memory ID: 0x6
OS release type: User
OS version: 21A559
Kernel version: Darwin Kernel Version 21.1.0: Wed Oct 13 17:33:01 PDT 2021; root:xnu-8019.41.5~1/RELEASE_ARM64_T6000
Fileset Kernelcache UUID: 3B2CA3833A09A383D66FB36667ED9CBF
Kernel UUID: 67BCB41B-BAA4-3634-8E51-B0210457E324
iBoot version: iBoot-7429.41.5
secure boot?: YES
Paniclog version: 13
KernelCache slide: 0x000000000e480000
KernelCache base: 0xfffffe0015484000
Kernel slide: 0x000000000eca8000
Kernel text base: 0xfffffe0015cac000
Kernel text exec slide: 0x000000000ed90000
Kernel text exec base: 0xfffffe0015d94000
mach_absolute_time: 0x59bab7cc38b
Epoch Time: sec usec
Boot : 0x624188b4 0x0002db60
Sleep : 0x624814e7 0x0005c77d
Wake : 0x6248184c 0x000d26d6
Calendar: 0x62481c62 0x0006cbd6